The latest sign that inflation remains in check came just as Federal Reserve policymakers were gathering in Washington, D.C., for a two-day meeting. On Morning Edition, NPR's John Ydstie reported about why the central bank is expected to start trimming its effort to give the economy a lift by purchasing billions of dollars worth of government bonds and mortgage-backed securities.

The low inflation report would seem to fit with the notion that the Fed has accomplished what it set out to do — give the economy enough of a boost to keep it moving ahead without triggering an uptick in prices. If so, that would support the case that the Fed can begin to scale back its "quantitative easing."